US Stock Futures Up As Investors Await Bernanke Speech
US stock futures are higher this morning, as investors are awaiting a speech by Federal Reserve Chairman Ben Bernanke. Futures on the Dow Jones Industrial Average surged 52 points to 12,139.00 and futures on the S&P 500 stock index rose 6.80 points to 1,291.80. Nasdaq 100 futures gained 9.25 points to 2,283.25.
US stocks closed lower on Monday, with the Dow Jones industrial average dipping 0.50% to 12,089.96, the broader Standard & Poor's 500 index dropping 1.08% to 1,286.17 and the NASDAQ composite index declining 1.11% to 2,702.56.
A speech on the outlook for the US economy by Bernanke is due to start at 3:45 p.m. ET in Atlanta, Georgia. Data on job openings for April will be released at 10 a.m. ET, while consumer credit data for April will be released at 3 p.m. ET.
Walt Disney Co (MYSE: DIS) plans to reduce about 200 jobs at its film studio, Bloomberg News reported.
Temple-Inland Inc (NYSE: TIN) rejected a $3.3 billion unsolicited takeover bid from International Paper Co (NYSE: IP). IP said it would pay $30.60 per share for all the outstanding shares of Temple-Inland, representing a 46% premium to Temple-Inland's closing stock price on Monday.
Pep Boys - Manny, Moe & Jack (NYSE: PBY) reported downbeat first-quarter results. Pep Boys reported its quarterly net income at $12.4 million, or $0.23 per share, versus $12 million, or $0.23 per share, in the year-ago period. Its sales increased 0.7% to $513.5 million. Its comparable store sales dropped 0.6%. However, analysts were expecting earnings of $0.30 per share on revenue of $537 million.
Regions Financial Corporation (NYSE: RF) agreed to purchase the $1 billion portfolio of its branded credit card from a subsidiary of Bank of America.
G-III Apparel Group Ltd (NASDAQ: GIII) reported a fiscal first-quarter net loss at $520,000, or $0.03 per share, versus a net loss of $1.4 million, or $0.07 per share, in the year-ago period. Its revenue surged 28% y/y to $196.9 million. However, analysts were expecting a profit of $0.04 per share on sales of $195.4 million. The company projects FQ2 earnings between $0.18 and $0.22 per share, on revenue of around $215 million. Analysts expected expecting earnings of $0.22 per share, on revenue of $221.2 million.
Booz Allen Hamilton Holding Corp (NYSE: BAH) is estimated to report its Q4 EPS at $0.28 on revenue of $1.51 billion. Hovnanian Enterprises Inc (NYSE: HOV) is expected to post a FQ2 loss at $0.51 per share on revenue of $263.00 million. Talbots Inc (The) (NYSE: TLB) is expected to post its Q1 EPS at $0.03 on revenue of $306.26 million.
Moody's Investors Service downgraded the debt ratings of Portugal Telecom SGPS SA (NYSE: PT) from “Baa2” to “Baa3.”
Ford Motor Company (NYSE: F) reported a 14% y/y rise in its May wholesale vehicle sales in China on Tuesday.
Asian markets ended mixed, with Japan's Nikkei Stock Average gaining 0.68%, Australia's S&P/ASX 200 moving down 0.16% and China's Shanghai Composite rising 0.60%. Hong Kong's Hang Seng Index dropped 0.35% and India's Sensex gained 0.41%.
European markets were higher today. The STOXX Europe 600 Index has gained 0.15%, London's FTSE 100 Index moved up 0.26%.
The dollar index (DXY) declined 0.5% to 73.597.
Crude oil for July delivery gained $0.14 to $99.15 a barrel. However, gold for August delivery climbed $2.30 to $1,549.50 an ounce.
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